Regulation

The Financial Conduct Authority (FCA) has agreed a settlement of proceedings in the High Court which will enable it to return approximately £380,000 to investors in a land bank.

Lloyds Banking Group said it has reduced its outstanding capital requirement to below £2bn, following the £8.6bn aggregate shortfall figure announced yesterday.

Wealth adviser Towry has said it would be "no surprise" if the regulator raises the qualifications bar for advisers to level 6 in the next two to three years.

Many advisers are not prepared to handle incoming minimum capital requirements, according to the Association of Professional Financial Advisers (APFA).

The Financial Conduct Authority (FCA) has pledged to scrutinise "the whole value chain" - including authorised advisers and pension companies - as part of efforts to stamp out pension liberation fraud.

The emergence of a profits-before-ethics culture in financial services skewed employees' view of the industry's purpose and prevented them from challenging immoral behaviour, the Financial Conduct Authority's enforcement boss has said.

THE FEES CHAT

BAD SIGNAL

PLATFORMS

Liontrust chief executive John Ions has said the group "does not see the need" to offer multiple share classes to different distributors in order to stay competitive.